The White House has posted the long-awaited executive order on digital assets that will shortly be signed by the President of the United States.
With several countries around the world already having set regulatory frameworks for cryptocurrency, digital asset regulations on the United States have been the most anticipated and may have an impact on the overall crypto market as it is the second-largest country by crypto ownership.
Based on the official report by the White House, the President of the United States Joe Biden will be signing the Executive Order which evaluates "the potential benefits of digital assets and their underlying technology."
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The content of the document includes policies on security measures, criminal activity in digital finance, financial stability, innovations, US leadership in the global financial system and economic competitiveness, and financial inclusion.
The Executive Order states that the US Treasury will be at the forefront of building and correcting recommendations on digital assets regulation by external partners familiar with the matter. The executive order urges regulators to ensure the safety and security of cryptocurrency investors with regulations that mitigate potential risks in digital finance.
Likewise, the Financial Stability Oversight Council (FSOC) will need to figure out how to properly implement digital assets into the economy, and eliminate any risks of regulation disobedience in the crypto market.
More than that, government agencies will be required to monitor instances of money laundering and malicious activity in the digital asset market, and close any regulatory gaps that may pose that risk.
The Department of Commerce will be responsible for the growth of blockchain technologies in the United States, with the emphasis on "research and development, and operational approaches to digital assets."
The US Department of Treasury will also look into potential financial opportunities that digital assets may provide, especially for those who previously had limited access to financial services. The department, alongside other government agencies, will be issuing reports on digital asset innovations and deciding on proper measures to ensure a safe and transparent environment for crypto assets.
Together with the outlined priorities, the US government will be prioritizing the United States CBDC by assessing the proper technological requirements, with the Federal Reserve accelerating its prior research into the development of the digital dollar.
While the crypto community was preparing for some drastic changes in the regulatory framework, the United States is seemingly still looking at all the possibilities that blockchain technologies may provide before imposing crippling restrictions and scaring away investors.